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Ian Pollard – Kingfisher #KGF Not So Chirpy
Kingfisher plc KGF claims that its engine has now been largely rebuilt and it is confident in delivering significant financial benefits but only over time. And looking at results for the year to the 31st January, that time sees nowhere near having arrived. Growth in sales, margin and returns is being targeted but only over the medium term which appears to indicate that there is not much promise for the short term. Underperformance in France and other parts of the business needs addressing which is an admission that it has not not been so far. The closure is being considered of 15 poorly performing stores across the business over the next 2 years; as well as the closure of 19 Screwfix outlets in Germany, where the heart of industrial Europe is alleged to beat strong. As for the recent past, there is little wonder that the immediate future looks grim.
Total sales for the year fell by 1.6% on a like for like basis, Uunderlying profit before tax was down 13% or 52.6% on a statutory basis. Underlying basic earnings per share fell by 6.%. Mercifully the dividend remained unchanged.
TI Fluid Systems plc TIFS had a great year in 2018 with strong organic growth and solid profit margins. Final results for the year to the 31st December showed profits growing by €24.9m. to €140.1m.. whilst a final dividend is proposed of 5.94 euro cents per share. The groups approach to continued and disciplined organic growth has, it says, positioned it well for 2019 and beyond.
SDL plc SDL reports a solid improvement in the Group’s financial performance compared to 2017, with all divisions performing well. Revenue for the year to 31st December rose by 12.6% and on an adjusted basis, basic earnings per share gre by 23.7% and operating profit by 20.8%. The company believes that Brexit brings risks and opportunities which it can manage.
Tasty plc TAST Revenue fell by 6% to £47.28m in the year to the 30th December due to site closures and like-for-like decline. Three restaurants were sold and one closed in 2018. There is no intention to open any new restaurants in 2019 and management claims it will be focused on restructuring and improving profitability from the existing portfolio.
Ten Entertainment Group TEG has had another good year and is facing excellent future growth prospects. Sales in the first 11 weeks of the current year have started positively, with like-for-like sales up 5.1%. to date. Total sales in 2018 rose by 7.5%, adjusted EBITDA by 8% and earnings per share by 16.6%. A final dividend is announced of 7.7p per share making 11p per share for the full year
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Ian Pollard – Antofagasta #ANTO increases dividends by 177%
Antofagasta plc ANTO benefited from the rise in the copper price during 2017 and is increasing its total dividends for the year by 177% with a recommendation for a final dividend of 40.6 cents per share, which brings the total payout for the year to 50.9 cents. EBITDA rose by 59% to $2.6 billion and the EBITDA margin rose to 54%, the highest since 2012 when the copper price was 30% higher. Like for like earnings per share increased by 119%.
Computacenter CCC is increasing it 2017 dividends by 17.6% after breaking records on all fronts. Group revenue rose by 16.9%, adjusted profit before tax rose to record levels with a rise of 22.9% (28.2% on a statutory basis) and adjusted earnings per share broke another record with a rise of 65.1%. France again performed ahead of management expectations,with an 80% rise in adjusted operating profit whilst Germany delivered another record performance and the UK re-established positive sales momentum with a rise of 8.8% in full year revenue.
Close Bros. Grp CBG is increasing its interim dividend by 5% to 21p. per share after a good first half performance which produced a 6% increase in adjusted operating profit. The company says that it is well positioned for the full year with all sectors of its business having performed well in the six months to the 31st January.
Fevertree Drinks FEVR is recommending a final dividend of 7.64 p. per share for the year to 31st January, bringing the total for the year to 10.65p compared to last years 6.25p., an increase of some 50%. 2017produced continued strong growth across all regions, channels, flavours and formats, with the UK delivering an exceptional performance and group revenue rising by 66% with a gross profit margin of 53.5%.
Tasty plc TAST continues to suffer the same fate as the rest of the UK restaurant industry and despite a 9.7% increase in revenue for the year to 31st December it has continued to close more restaurants since the start of the new financial year and does not have any plans to open any new ones in 2018.
H&T Group HAT 2017 was a milestone year which produced a strong trading performance. The final dividend is to be increased by 14.1% after a 45% increase in profit before tax and a 32.1% rise in EBITDA, all of which is enabling the company to look to the future with confidence.
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Ian Pollard – Morrisons Bumper Christmas & New Year
Morrison W. MRW has by modern retail and high street standards had a bumper Christmas with group like for like sales up by 2.8% or 3% including fuel. Sales over Christmas and New Year were particularly strong with group like for like sales over the 6 weeks to 7th January up by 3.7%. Morrisons puts its success down to various factors including being more competitive, being more friendly to its shoppers and having more tills open and shorter queues. It will be interesting to see whether other major supermarkets have also shared in an unexpectedly better festive season or whether Morrisons has come out tops.
Persimmon plc PSN provides an update for the year to the 31st December which indicates that the housing boom has continued to moderate compared to the glory days of years gone by but growth is still there aplenty. Revenue for the year rose by 9%, legal completions by 6% and the increase in the average selling price was limited to 3%. Pre tax profits for the year are expected to be modestly ahead of market consensus.
Safestore Holdings SAFE is increasing its final dividend by 21.4% to 9.8p per share for the year to 31st October after a strong operational performance coupled with a combination of both organic and acquisitive growth. Group revenue for the year rose by 12.6% or 3.3% on a like for like basis at constant exchange rates. Strong potential growth for the new year is seen in the integration of Allied Self Storage and in the development of three new sites.
Tasty plc TAST claims that 2018 is expected to produce further deterioration in the difficult trading environment facing the restaurant sector. Progress has been made in the disposal of four under performing sites and two further sites are now under offer.
Dechra Pharma plc DPH enjoyed strong trading during he half year to the 31st December with group revenue up by 10% at constant exchange rates or 11.5% at actual rates.
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JD Sports On Track For More Records
JD Sports (JD.) has produced yet another record set of half year results, with strong growth in the six months to 29th July producing a 41% rise in revenue. Profit before tax was up by 33% and the interim dividend is to be increased by 4%. Sales in the second half have continued at the same level and it is anticipated that year end figures will be towards the upper end of market expectations.
1PM plc OPM The year to 31st May was one of strong organic and strategic growth, continuing the trend of recent years. Revenue rose by 35% and profit before tax and exceptionals by 17%. Basic earnings per share were up by 4%. Robust levels of demand were experienced in all the company’s trading subsidiaries. A proposed dividend of 5% is proposed on the 83.8m shares currently issued compared to last years 52.5m.
Ashtead Group AHT produced another strong set of results for the first quarter to 31st July with revenue at constant exchange rates rising by 17% and both profit before tax and earnings per share by 21%.
Futura Medical FUM claims that excellent progress was made with MED 2002 in the first half of 2017 and a phase III study is now expected to start in the first half of 2018. Discussions with potential licensees have have already started. CSD500 has been successfully launched in the Middle East. First half losses fell from £1.89m to £1.5m as R&D expenditure on MED2002 was reduced.
AA plc (AA.) has admitted that yesterdays speculation was correct and that in early summer it did have preliminary discussions with Hastings about combining its insurance business with that of Hastings.
Tasty plc TAST experienced a weak trading environment in the 6 months to the 2nd July, with pressure on sales and margins forcing it to to take decisive action to improve its position. Despite an 11.8% rise in half year revenue, like for like sales actually declined and profit before tax slumped from £1,615,000 in 2016 to just £210,000. Challenging conditions, it claims, have been recognised, under performing sites have been identified, some are in the process of being disposed of and others placed on the market.
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Legal & General Impressed By Its Excellent Management.
Legal & General LGEN heaps praise upon itself for its resilient and consistently improving financial performance, as it raises its interim dividend from 4p per share to 4.3p per share. The figures are certainly impressive with half year profit before tax and earnings per share each up by 41% and it is all due to excellent management execution. Of course when Brexit or other clouds, gather on the financial horizon, it will probably all become the fault of the politicians but we can leave that for another day.
G4Splc GFS is yet another company whose Chief Executive witters on about its “pipeline” with new products and services strengthening its sales operations. For the six months to the 30th June revenue rose by 6.2% and earnings per share at constant rates were up by 7.8%. The company’s investment proposition is to deliver sustainable growth in earnings, cash flow and dividends – hands up anyone who can name a company which admits to different aims. Despite pipelines and investment propositions, the interim dividend remains unchanged.
Telit Communications plc TCM The Chief Executive, Oozie Cats has requested and been granted leave of absence following speculation about his possible indictment in the US in respect of matters which are entirely unconnected with the company.
Tasty plc TAST has had to admit that despite a full review of its operations, management has been unable to take any action which is likely to bring about the expected improvement in the company’s fortunes during the course of the current year. Instead it falls back on the forecast made at the end of March that the trading environment would be challenging and so it has proved to be. Profit after tax for the 27 weeks to the 2nd July collapsed from last years 1,283,000 to a mere 200,000 pounds.. Disposals and closure to take place. The full story should be released with the interim results in September.
Nanoco Group NANO welcomes as much needed, the decision by the European commission to ban the use of Cadmium in TVs lighting and other displays. Nanoco is a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials.